Cudoni founder James Harford-Tyrer
The London-based start-up which has developed a platform to make reselling luxury goods easier will use the funding to expand across the UK.
Twenty six-year-old James Harford-Tyrer has landed a £425,000 investment for his start-up Cudoni, which will create seven new jobs and see the company expand its reach across the country.
Based in London, the luxury resale service re-launched in May last year and has seen a 10-fold growth in sales in the past six months, with the new investment agreed just ahead of the new year.
Backing the business is Giles Brook, the CEO of coconut water brand Vita Coco and Matt Cooper, founder of bank holding company Capital One and chairman of Octopus Investments.
“This is a fantastic way to start 2018,” said Harford-Tyrer. “Previously, our focus had remained predominantly on London, but with the help of this investment we will be able to expand the business nationwide, starting in my home town of Manchester, as well other major UK cities such as Cambridge, Oxford and Edinburgh.
“Giles and Matt have had a stake in Cudoni since the get-go, and I’m thrilled that they, along with our other investors, will be part of this continued journey.
“To further improve the experience for new and existing customers, we plan to invest in our team and in new technologies.
“This includes recruiting seven new team members, adding adjacent services, such as launching buyer functionality to our platform, and reducing required item processing time and consumer input, to maximise ease of use.”
Cudoni focuses on reselling high-quality, luxury items from a range of categories such as fashion, accessories and consumer electronics.
Brook added: “I’m very selective in what and who I get involved with and my involvement in Cudoni stems from having originally met and been beyond impressed with James, the founder.
“Whether I connect with the founder is THE prerequisite for me when I look at getting involved in any business and whilst I instantly gained excitement about Cudoni and the pre-owned luxury goods market, particularly having seen some of the USA success stories in this space, the business opportunity had to be married with a founder who could realise that potential.
“I’m really excited about how disruptive James and Cudoni can be in this space, especially looking at the success already achieved in 2017.”
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